Of over 55s 12% still have a mortgage, however this rises to one in five (20%) for so-called ‘second-lifers’ – people over the age of 50 with children with a new partner after a previous marriage or long-term relationship.
People over the age of 50 are still saddled with mortgage debt – but the situation is worse for those who previously married, research from Saga Personal Finance has found.
Of over 55s 12% still have a mortgage, however this rises to one in five (20%) for so-called ‘second-lifers’ – people over the age of 50 with children with a new partner after a previous marriage or long-term relationship.
'Second lifers’ have a bigger mortgage than people their own age without a new family. They have an estimated £80,000 left to pay on their mortgage, whereas those without a new family have to pay around £60,000 before they own their home outright.
Jeff Bromage, chief operating officer at Saga Personal Finance, said: “Having children in later life keeps people on their toes and feeling young at heart.
“However, the cost of raising a child is continually increasing and these days people need to keep a close eye on their finances and make sure that they are getting the best deals, whether that’s when you’re borrowing money or investing it in the stock market.”
